Bitcoin hovers near $6,500, but will take months to repair technical damage, says chart expert

October 2, 2018 / by Cathy Zollo

When we’re going through the morning news meeting here at Crypto.IQ, we’ve taken to deconstructing FUD, Fear, Uncertainty, and Doubt, perpetrated on the news consuming public. It would be entertaining if it weren’t for the damage these purveyors of half truths and lies are trying to do to the crypto community.

This article is built on a quote from Rob Sluymer, technical analyst for the highly regarded Fundstrat Global Advisors that was founded by Tom Lee. Fundstrat bills itself as “an independent research boutique, providing market strategy and sector research.”

The quote from Sluymer: “Given the technical damage that has developed in 2018, we expect most cryptocurrencies will likely require months of repair before a new bullish trend can develop,” wrote Sluymer in a recent note to clients.

Now read the headline again.

If you missed it, we’ll do the deconstructing. The quote was about cryptocurrencies in general, but Aaron Hankin, a reporter at MarketWatch, which is a subsidiary of Dow Jones & Company, a property of News Corp, which also owns The Wall Street Journal, took a little journalistic license with his reporting.

Hankin took the analysis that looked at the entire crypto market and applied it solely to Bitcoin for his article. That’s despite the fact that Sluymer’s comment was about “most cryptocurrencies.” And that makes it sound a lot worse for Bitcoin,which, as the strongest of the cryptos, is a lot less likely to have suffered this “technical damage.”

See how easy that is? That’s why we practically nag you about doing your own research. You can’t trust most reporting because people are basically lazy and some have a not so positive agenda when it comes to crypto.

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